Veterinary API Market worth $7.1 billion

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21 Jun, 2023, 06:00 ET

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CHICAGO, June 21, 2023 /PRNewswire/ -- The veterinary API industry is poised for significant growth in the near future. As pet ownership continues to rise and people's awareness of animal health and welfare deepens, the demand for veterinary pharmaceuticals and active pharmaceutical ingredients (APIs) is expected to skyrocket. With advancements in technology and research, the industry is likely to witness the development of innovative APIs that are more efficient and tailored to specific animal species, ensuring optimal therapeutic outcomes. Additionally, there is a growing focus on the use of natural and herbal APIs, reflecting the increasing preference for holistic and alternative veterinary treatments. Furthermore, the integration of digital solutions, such as telemedicine and remote monitoring, will revolutionize veterinary care, enabling accurate diagnosis, personalized treatment plans, and enhanced overall healthcare for animals. The veterinary API industry, driven by these transformative trends, is set to make significant strides in improving animal health and well-being in the near future.

Veterinary API Market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $7.1 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The market for veterinary API is expanding because of factors like rising incidence of transboundary & zoonotic diseases, increasing animal population and pet ownership, and increasing disease control & disease prevention measures. The veterinary API industry is anticipated to develop because of the rising demand for veterinary medicines and other animal health products. This is also going to attract international investors to that region.

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Browse in-depth TOC on "Veterinary API Market"150 - Tables60 - Figures350 - Pages

Veterinary API Market Scope:

Report Coverage

Details

Market Revenue in 2023

$5.2 billion

Estimated Value by 2028

$7.1 billion

Growth Rate

Poised to grow at a CAGR of 6.5%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

API type, Synthesis Type, Route of Administration, Animal Type, and Region

Geographies Covered

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Rising awareness about animal health and welfare

Key Market Drivers

Rising incidence of transboundary & zoonotic diseases

In this report, the Veterinary API Market is segmented based on API Type, Synthesis Type, Route of Administration, Animal Type, and region.

"Oral segment in Route of administration was dominated by the highest share in Veterinary API Market"

The Veterinary API Market is divided into four types based on Route of administration such as Oral, Injectable, Topical, and Others. The Oral segment accounted for the highest share of the global Veterinary API Market in 2022. Oral administration of veterinary drugs is relatively easy and can be performed by the pet owner or veterinary professional. It typically involves the use of tablets, capsules, liquids, or treats that can be readily consumed by animals. The oral route is suitable for a wide range of veterinary drugs, including antibiotics, antiparasitics, analgesics, and medications for chronic conditions.

"Companion animal segment was dominated by the highest share in Veterinary API Market"

The Veterinary API Market is segmented based on animal type into two categories: companion animals and livestock animals. In 2022, companion animals dominated the Veterinary API Market, holding the largest market share. This can be attributed to the increasing focus on preventive healthcare for companion animals and the rise in pet ownership, among other factors. These factors have contributed significantly to the significant proportion of the market occupied by companion animals.

"North America accounted for the largest share of the Veterinary API Market in 2022"

The Veterinary API Market is categorized into five geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the dominant region, capturing the largest market share for Veterinary APIs globally. The growth of the North America market is expected to be driven by factors such as increased investments in research and development for veterinary API manufacturing and government backing for the establishment of API manufacturing facilities.

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Veterinary API Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenges:

Key Market Players:

The prominent players in the global Veterinary API Market are Phibro Animal Health Corporation (US), Fabbrica Italiana Sintetici S.p.A. (Italy), Sequent Scientific Ltd. (India), Excel Industries Ltd. (India), NGL Fine-Chem Ltd. (India), Insulnsud Pharma (Spain), Menadiona Sl (Spain), Rochem International Inc. (US), and Shaanxi Hanjiang Pharmaceutical Group Co. Ltd. (China)

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Recent Developments:

Veterinary API Market Advantages:

Overall, the Veterinary API market plays a vital role in the development and availability of effective veterinary medications. It contributes to the growth of the animal health industry, enhances treatment options, promotes research and innovation, and ensures regulatory compliance, ultimately leading to improved animal health outcomes.

Objectives of the Study:

Related Reports:

Veterinary Pain Management Market - Global Forecasts to 2027

Companion Animal Diagnostics Market - Global Forecasts to 2027

Companion Animal Pharmaceuticals Market - Global Forecasts to 2027

Therapeutic Drug Monitoring Market - Global Forecasts to 2027

Animal Antibiotics and Antimicrobials Market - Global Forecasts to 2027

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